US, Brazil blame soaring food prices on trade restrictions
Trade restrictions are to be blamed for soaring world food prices. It is not biofuels. Top US and Brazilian agricultural officials said.
By Agencies |
BRASILIA: Trade restrictions are to be blamed for soaring world food prices. It is not biofuels. Top US and Brazilian agricultural officials said.
There are export restrictions in India, Vietnam and Argentina. World's top producers of rice, soy and wheat are reducing world food supply. It is inflating prices around the globe. Told by Mark Keenum, Under Secretary for Farm and Foreign Agriculture Services at the US Department of Agriculture.
India and Vietnam have restricted most rice exports, while Argentina has banned wheat and beef exports. It also imposed heavy export taxes on soy.
These moves have inhibited the capacity of its producers to maximize their income. It is pushing up food prices far more than demand for biofuel. Keenan told reporters after meeting with agricultural officials in Brasilia.
Increased production of sugar-cane based ethanol has not reduced Brazilian bean, soy and corn output, as experts predicted. Brazilian International Agribusiness Secretary, Celio Porto also agreed to it.
He urged nations to slash farm subsidies and tariffs to boost world food production by giving smaller countries access to larger markets.
Brazil is the world's largest ethanol exporter. Last year it signed accords with the US to boost biofuel production and draft international quality standards. That would allow ethanol to be traded as a commodity like oil.
There are export restrictions in India, Vietnam and Argentina. World's top producers of rice, soy and wheat are reducing world food supply. It is inflating prices around the globe. Told by Mark Keenum, Under Secretary for Farm and Foreign Agriculture Services at the US Department of Agriculture.
India and Vietnam have restricted most rice exports, while Argentina has banned wheat and beef exports. It also imposed heavy export taxes on soy.
These moves have inhibited the capacity of its producers to maximize their income. It is pushing up food prices far more than demand for biofuel. Keenan told reporters after meeting with agricultural officials in Brasilia.
Increased production of sugar-cane based ethanol has not reduced Brazilian bean, soy and corn output, as experts predicted. Brazilian International Agribusiness Secretary, Celio Porto also agreed to it.
He urged nations to slash farm subsidies and tariffs to boost world food production by giving smaller countries access to larger markets.
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Brazil is the world's largest ethanol exporter. Last year it signed accords with the US to boost biofuel production and draft international quality standards. That would allow ethanol to be traded as a commodity like oil.
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